ANN ARBOR – The Michigan Venture Capital Association has awarded Kalamazoo-based Metabolic Solutions Development Co. and its venture investors, Kalamazoo’s Southwest Michigan First Life Science Fund and Grand Rapids’ Hopen Therapeutics, a $200,000 MVCA CEO Placement loan award. The award, along with MSDC’s match component, will be used to fund CEO recruiting activities, as well as pay part of the new hire’s first year salary.

MSDC was founded in 2006 by Jerry Colca, PhD and Rolf Kletzien, PhD to develop innovative therapeutics to treat Type II diabetes and the progressive cardiovascular morbidity and mortality associated with cardiometabolic syndrome. Prior to founding MSDC, Drs. Colca and Kletzien spent a significant part of their pharmaceutical careers at the Upjohn, Pharmacia and Pfizer companies.

“An early-stage company like MSDC can be hard-pressed when it comes to moving limited funding dollars away from product development toward the significant out-of-pocket costs associated with a CEO search and initial compensation package,” said Mark Olesnavage, President of Hopen Therapeutircs, is interim CEO of MSDC.

“We feel very fortunate to have received the MVCA award, as it provides the means to attract a proven life science leader to MSDC. The right candidate will complement our already-accomplished team and continue to implement the strategic moves necessary to meet our longer term goals.”

The company anticipates a Series C fundraising round and feels commitment to securing a permanent CEO is important to the success of that endeavor.

“The Southwest Michigan First Life Science Fund and its General Partner, Southwest Michigan First, are confident that the clinical results produced by Metabolic Solutions Development Co. will make a significant contribution to the health and welfare of millions of patients,” said Ron Kitchens, Chief Executive Officer of Southwest Michigan First. “The award from the MVCA to assist the company in its recruitment of a CEO reinforces the fact that the life science industry in Michigan is flourishing. Together with the MVCA, we hope to realize the promise of this exciting technology and its clinical relevance.”

For more information, click on MichiganVCA.Org

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